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Primecap doubles RIM stake in vote of confidence

Pasedena, California-based investment management firm Primecap Management Co. recently doubled its investment in BlackBerry vendor Research In Motion. According to a recent regulatory filing, Primecap now owns 26.4 million shares of RIM stock valued at about $577 million as of Monday’s close, and the stake represents approximately 5% of RIM’s total outstanding shares. According to Bloomberg, Primecap’s stake at the end of the second quarter of this year was approximately 2.5%. As numerous analysts continue to cut their price targets on RIM stock, Primecap’s continued investment could represent a vote of confidence in RIM’s new BlackBerry 7 phones and its future QNX phones as well, which are due to begin launching in the first quarter of 2012.

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Zach Epstein

Zach Epstein has been the Executive Editor at BGR for more than 10 years. He manages BGR’s editorial team and ensures that best practices are adhered to. He also oversees the Ecommerce team and directs the daily flow of all content.

Zach first joined BGR in 2007 as a Staff Writer covering business, technology, and entertainment. His work has been quoted by countless top news organizations, and he was recently named one of the world's top 10 “power mobile influencers” by Forbes. Prior to BGR, Zach worked as an executive in marketing and business development with two private telcos.